Statement of the EB of VoxUkraine on the Appointment of Tymofiy Mylovanov to the Board of the NBU

On 25 October 2016, the Board of the National Bank of Ukraine held its first meeting.

The Chairman and the Deputy Chairman of the NBU were elected at the meeting. Tymofiy Mylovanov, the Honorary President of Kyiv School of Economics, Professor at the University of Pittsburgh, VoxUkraine co-founder and member of the Editorial Board of VoxUkraine, was elected as Deputy Chairman.

The Editorial Board of VoxUkraine congratulates Tymofiy on his appointment. We believe that Tymofiy’s deep understanding of economic processes, his years of experience, and his integrity will contribute to strengthening the efficiency of the NBU.

The Editorial Board of VoxUkraine has already given its opinion on the potential for conflict of interest due to the appointment of Tymofiy to the Board of the National Bank of Ukraine. Since the Board of the National Bank of Ukraine is now establishing operations, the Editorial Board of VoxUkrainedeems it appropriate to repeat and confirm its position in order to avoid potential speculations:

Since Tymofiy Mylovanov doesn’t hold any managerial positions in the VoxUkraine organizational structure, his appointment to the NBU Board (and selection as Deputy Chairman of the Board, as amended on 25.10.2016) won’t be an obstacle to his further participation with VoxUkraine.

The editorial board of VoxUkraine pays close attention to any conflicts of interest that may arise during the functioning and the development of the organization. With this in mind, the editorial board of VoxUkraine, composed of those signing this statement, announces the following: During his tenure as a member of the NBU Board, Tymofiy Mylovanov won’t participate in any VoxUkraine projects in which a conflict of interest might arise. In particular, he won’t

edit or approve for publication any posts on monetary policy, currency regulation, the banking sector, or other topics related to the National Bank;

contribute to the evaluation of resolutions or laws related to the area of activity of the NBU for the Index for the Monitoring of Reforms (iMoRe) project;

participate in the VoxCheck project on issues that intersect with the area of activity of the National Bank;

contribute to the evaluation of activities of the National Bank or its individual employees for other projects of VoxUkraine.

Meanwhile, the internal rules of VoxUkraine don’t prohibit Tymofiy, just like any other person regardless of their position, to publish articles online on VoxUkraine.org upon the essential condition that such articles meet the quality criteria and are accepted for publication by at least two editors.